There’s word that the Merkley-Levin amendment — which would ban banks and bank holding companies from engaging in high-risk proprietary trading, force additional capital requirements on any nonbank financial institution which engages in such speculative trading, and prohibits any financial firm from packaging asset-backed securities to their clients and then take the opposite side of the deal — may also need 60 votes to pass.
|By: David Dayen Saturday May 15, 2010 1:20 pm|
|By: David Dayen Thursday May 13, 2010 4:45 pm|
The Senate Banking Committee basically passed the Dodd draft with almost no work done on it. So that meant that Senators would get a crack at it on the floor. And the biggest victory in this entire process has been the promise on the part of the Democratic leadership not to put in artificial 60-vote thresholds for every amendment. With a majority-vote standard, Senators knew they were getting a fair shake to shape the bill. And under the watchful eye of advocates who can easily paint any vote to the public as a case of putting the interests of banks over the people, Senators were forced to vote in the interests of their constituents. And that has been very beneficial.
|By: David Dayen Tuesday May 11, 2010 8:47 am|
The clerk has begun to call the roll on Bernie Sanders’ amendment calling for a one-time audit of the Federal Reserve’s emergency lending activities during the recent financial crisis.
|By: David Dayen Tuesday May 11, 2010 7:45 am|
Rep. Ron Paul Paul urged the passage of both the Sanders and the Vitter amendments, and Senators will get a chance to vote on them this morning. The vote is expected at 11:30am ET, with side-by-side votes of both amendments. This could hold some peril for both amendments if Republicans spurn the Sanders compromise and Democrats spurn the Grayson-Paul language.
|By: Jane Hamsher Friday May 7, 2010 1:09 pm|
While some are celebrating the Sanders’ Audit the Fed compromise as a victory, Ron Paul isn’t one of them. And according to the Matt Hawes of the Campaign for Liberty, David Vitter will be offering up the original Grayson-Paul amendment as a stand-alone amendment.
|By: David Dayen Thursday May 6, 2010 9:55 am|
In a fiery speech on the Senate floor, Russ Feingold conditioned his support for the Wall Street reform measure on adding a multitude of amendments that would break up the mega-banks, cap size and leverage and restore the firewall between commercial and investment banks. He even went so far as to say that he would not vote to end debate on the bill unless these and other serious banking reforms were part of it.
|By: David Dayen Thursday May 6, 2010 9:21 am|
The choice facing Senators is clear — empower the same exact regulators who failed previously, or fundamentally change the way Wall Street does business, to the benefit of all.
|By: David Dayen Wednesday May 5, 2010 3:35 pm|
Sen. Al Franken has quietly come up with an amendment that would change the way the rating agencies and their issuers do business. His amendment, co-sponsored by Bill Nelson and Chuck Schumer, would set up an office inside the SEC that would assign initial rating requests to the accredited rating agencies, rather than have the issuer hire the raters.
|By: David Dayen Wednesday May 5, 2010 2:10 pm|
Chris Dodd just said on the floor that “it is my hope” that nobody will filibuster amendments, and that they’ll get an up or down vote. In other words, the agreement reached was not to have artificial 60-vote thresholds, but it’s entirely possible that an individual Senator will filibuster a specific amendment.
|By: David Dayen Wednesday May 5, 2010 9:20 am|
A minor breakthrough–emphasis on minor.